The Best and Cheapest Renters Insurance Companies in Hawaii for 2022: Rankings, Reviews and Rates

In Hawaii, renters insurance costs an average of $10 per month. This is $3 cheaper than the national average. Shopping around and comparing quotes can help you save up to $50 per year.

MoneyGeek’s research shows that State Farm offers the cheapest policy in Hawaii at an average cost of $100 annually or $8 per month. It’s also the best company in the state that balances affordability and service.

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Last Updated: 11/11/2022
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MoneyGeek researched the best renters insurance in Hawaii to help you find the option that best fits your needs. Our analysis was based on affordability, customer service and financial stability ratings of a company.

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The Cheapest Renters Insurance in Hawaii

Cheap Renters Insurance Companies in Hawaii

Hawaii can be pricey, so finding cheap renters insurance in Hawaii may be a priority for anyone searching for coverage. The most affordable provider in Hawaii is State Farm. On average, State Farm charges average rates of $8 per month or $100 a year. In second place is Allstate, offering slightly higher prices of $9 per month or $102 annually.

MoneyGeek calculated the average costs of each renters insurance company based on prices from multiple localities across Hawaii. These rates are for a basic policy that includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

Personal Property Coverage:

$20,000

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Best Renters Insurance Companies in Hawaii

MoneyGeek’s research shows that the best renters insurance company in Hawaii is State Farm, with a MoneyGeek rating of 99 out of 100.

State Farm earned this ranking after MoneyGeek analyzed the company’s affordability, its customer service ratings from J.D. Power and its financial stability ratings from AM Best.

While the best renters insurance company may not offer the most affordable policies, they have a good balance of cost and service quality. These factors are essential if you ever need to file a claim since you’ll want it processed quickly and fairly.


1
State Farm
Score:99

5/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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MoneyGeek found out that State Farm offers the best renters insurance in Hawaii. The company ranks the highest for affordability, stability and customer satisfaction. It offers the unique add-on of personal injury liability coverage to its customers.

More About State Farm

State Farm offers renters insurance policies throughout the United States. It provides three add-on coverages and two discount opportunities, which is less than the average across other insurers. The company provides a personal liability umbrella policy to its customers, which you against personal claims like character defamation, libel or slander. Plus, with State Farm, you can get a discount if you bundle your renters insurance policy with the company’s auto insurance policy. If you’re interested in getting a policy from the company, you can get an online personalized quote. State Farm also offers a mobile app to help you manage your insurance payments and other details online.

Read MoneyGeek's State Farm renters Insurance Review
2
Allstate
Score:96

4.9/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

In Hawaii, Allstate ranks second for affordability and also has the second-highest AM Best score and J.D. Power rating. The company offers personal injury liability coverage and provides coverage in case of flood damage.

More About Allstate

Allstate’s renters insurance policies are available in all U.S. states. This insurer offers four add-on coverages, which is less than the average across all insurers, and five discount opportunities, which is equal to the average offered by most insurers. The company offers a personal umbrella policy that gives you protection against large liability claims that exceed the liability limits of your renters insurance policy. You can also take advantage of a retiree discount if you are retired or an autopay discount if you set up automatic payments. With Allstate, you can get an instant personalized quote on its website. You can also use its mobile app to file and track a claim.

Read MoneyGeek's Allstate renters Insurance Review
3
First Insurance Company of Hawaii
Score:72

3/5

Affordability

4.5/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

First Insurance Company of Hawaii ranks third for affordability, has the second-highest AM Best score and the third-highest J.D. Power score. The company offers personal property coverage and liability protection to its customers.

More About First Insurance Company of Hawaii

With First Company of Hawaii’s renters insurance policy, you get personal property coverage which protects you against the cost of damages or theft of your items and valuables. The company also offers liability protection. This means that if an accident occurs at your home and you’re responsible for it, the insurance company will cover its legal and medical costs. Available only in Hawaii, First Insurance Company of Hawaii offers a contact form where you can request personalized quotes.

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It can be better to opt for a more expensive renters insurance policy. This is because choosing a company that charges more or increasing your coverage limits can save you money in the long run if you ever have to file a claim.

Largest Renters Insurance Companies in Hawaii

When shopping for renters insurance in Hawaii, consider buying a policy from a company with a large market share in the state. These companies are usually financially stable and invest more money in user experience and customer service, making the claim filing process easier for you.

  • Company
    Market Share
  • 1.
    State Farm
    30.6%
  • 2.
    Heritage Insurance
    12.8%
  • 3.
    First Insurance Company of Hawaii
    10.0%
  • 4.
    USAA
    7.0%
  • 5.
    Allstate
    6.0%

Average Cost of Renters Insurance in Hawaii

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renters insurance is equal to the average.

Renters insurance is relatively cheap in Hawaii compared to the national average. In Hawaii, the average cost is $117 per year, which is about $42 less than the average annual cost in the United States.

These rates are for a customer who has personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

The cost of a renters insurance policy depends on the value of your personal property. You can use MoneyGeek’s calculator below to estimate how much you’ll have to pay for renters insurance based on how much your personal property is worth.

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Total:


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The best way to save money on renters insurance is to compare quotes from different companies. MoneyGeek’s analysis shows that our sample renter could save up to $50 per year by choosing State Farm, the cheapest provider in Hawaii, instead of First Insurance Company of Hawaii, the most expensive provider.

What Factors Impact Renters Insurance Cost in Hawaii

Many factors determine your renters insurance premium in Hawaii, including where you live, your deductible and more. It’s important to remember these criteria when shopping for coverage.

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    Location

    Your ZIP code can impact your rates. This is because factors like extreme weather events or high crime rates are riskier to insure and may increase your costs.

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    Coverage Amount

    The more add-on insurance you buy, the higher your premium will be. It’s a good idea to do a home inventory so you can decide which valuables to cover.

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    Deductible

    You need to pay a deductible to get your claim processed. To get a higher payout for your claim, you should select a policy with a low deductible. However, lower deductibles will cause your premium to go up.

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    Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)

    You can buy an ACV or RCV policy depending on how you want your assets to be priced if you file a claim. An ACV policy takes into account that your property loses value over time, so you’ll receive less reimbursement for old items. An RCV plan will pay for a new product of the same type and quality. If you want higher compensation for your claim, you should select the costlier RCV package.

  • This is an icon

    Credit Score

    While credit scores may impact prices in other states, Hawaii doesn’t allow insurance companies to use consumers' credit ratings to determine their premium.

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Renters Insurance in Hawaii: What You Need to Know

Renters insurance in Hawaii is a great way to protect your possessions from unexpected disasters.

The average rental rate in Hawaii is $1,651 per month. Roughly 37% of the state’s population are renters. For a basic renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly price is $8. This equates to 0.5% of the monthly rental cost.

What Renters Insurance Typically Covers in Hawaii

It’s good to know what your renters insurance policy does and does not cover. Basic coverage includes personal property, liability insurance, medical payments and additional living expenses.

In Hawaii, personal property insurance typically covers damages caused by extreme events like windstorms or lightning.

What Renters Insurance Typically Does Not Cover in Hawaii

It's a good idea to learn what your renters insurance policy covers and excludes so you know what to expect if you ever need to file a claim.

Renters insurance coverage in Hawaii generally excludes the following situations:

  • Event
    Description
  • Flooding

    Flooding due to natural disasters is excluded. Since flash floods can occur in Hawaii, it’s advisable to get coverage by purchasing flood insurance through the National Flood Insurance Program (NFIP).

  • Earthquake Damage

    You may want to buy extra coverage for possible earthquake damage because it is not included in your policy.

  • Structural Damage

    Your renters insurance will not cover structural damage. It’s your landlord’s responsibility to buy additional coverage for their property’s structure.

  • Roommate Property

    While your policy covers your property, it won’t cover your roommate’s belongings. They need to get their own insurance.

  • Expensive Items

    Valuables are not included. However, they can be covered through an additional rider.

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If you’re looking for more information about how insurance works in Hawaii, the best resource is the Hawaii Department of Insurance. It can help you understand a policy or file a complaint against an insurance company. You can get in touch with the department using the following channels:

  • Phone Number: (808) 586-2790
  • Office Address: King Kalakaua Building, 335 Merchant St., Room 213, Honolulu, HI 96813
  • Email Address: insurance@dcca.hawaii.gov

FAQs About Renters Insurance in Hawaii

MoneyGeek researched the most commonly asked questions about renters insurance in Hawaii to help you choose the insurer that best fits your needs.

Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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Renters Insurance in Hawaii Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Hawaii that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Hawaii. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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